Melvyn Nathanson, in his book Methods in Number Theory (Chapter 8: Prime Number's) states the following:
A conjecture of Schinzel and Sierpinski asserts that every positive rational number $x$ can be represented as a quotient of shifted primes, that $x=\frac{p+1}{q+1}$ for primes $p$ and $q$. It is known that the set of shifted primes, generates a subgroup of the multiplicative group of rational numbers of index at most $3$.
I would like to know what progress has been made regarding this problem and why is this conjecture important. Since it generates a subgroup, does the subgroup which it generates have any special properties?
I had actually posed a problem which asks us to prove that given any interval $(a,b)$ there is a rational of the form $\frac{p}{q}$ ($p,q$ primes) which lies inside $(a,b)$. Does, this problem have any connections with the actual conjecture?
I actually posted this question on MO. Interested users can see this link:
The main progress I know of is in the two papers by Elliot:
The result you mention is in the first one.
From the review at MathReviews for the first paper:
If you have access to MathReviews, I recommend that you read the whole review (by Tenenbaum!), as it is very insightful. In particular, Tenenbaum mentions prior work by Meyer and himself that had given $|G|\le4$. To obtain $|G|\le 3$,
Here is Tenenbaum's review of the second paper:
Unfortunately I am not well versed enough in multiplicative number theory to do the results justice by indicating their significance. I will just say that "product bases" results tend to be very difficult, and that the study of large sieve method is turning into an essential tool in modern analytic number theory. Conjectures such as this one, though I find them intrinsically interesting, tend to be valued because of the tools that provide us with. I expect that the reviews above indicate some of this.
[Edit (Feb. 17/2012): Numerical work related to this sequence can be found in Matthew M. Conroy, "A Sequence Related to a Conjecture of Schinzel", Journal of integer sequences, vol. 4 (1) (2001).]